INSURANCE RISK MANAGEMENT OF THE INSURER (ACCORDING TO THE MATERIALS OF THE INSURANCE COMPANY «USG»)

Abstract

This article examines insurance risk management using the example of the domestic insurance company USG. To begin with, a study was conducted on the financial security of the insurance market as one of the indicators of risk occurrence. We have determined that the Ukrainian insurance market has negative indicators of financial security, which ultimately affects the reduction in the number of insurance companies and the degradation of the market. Next, the theoretical foundations for identifying risks in insurance companies were determined and the risk management system was characterized. We have determined that the main risks of insurance companies are the inability to pay insurance compensation and the outbreak of war in Ukraine. It has been determined that the risk management system of insurance organizations provides for the identification and specification of risks, the definition of goals and methods of risk management, the formation and development of the actual operational risk management system. A certain formalization of the formation and functioning of insurance risk management systems is necessary based on the specifics of management determined by the forms and types of insurance, products, regional aspects, etc. In the final part of the floor, the main monetary characteristics of the activities of IC "USG" were analyzed. It was studied that during the war the company received an increase in net profit, earned bonuses and gross profit, which indicates that, despite the war, the company’s management not only did not lose its profits, but also increased them. This result is a sign of an effective risk management system, which we propose to study. The studied risk management system used by the company in its activities made it possible to understand the features of risk management in companies. An independent procedure for applying risk assessment methods and assessing the effectiveness of risk management in the USG Insurance Company has been determined, which is reflected in the instructions for conducting inspections, the assessment results are recorded in working documents, as well as planning principles, programs and timing of inspections.